Ireland revises 2015 growth up to record 26.3 percent gain

Published 6:25 am, Tuesday, July 12, 2016

DUBLIN (AP) — Ireland has dramatically upgraded its 2015 economic growth to a record 26.3 percent, but economists are discounting the figure as misleading.

The Central Statistics Office says that Tuesday's published figures reflect more detailed analysis. Initial figures published in March put last year's gain at a Europe-leading 7.8 percent of gross domestic product.

Economists criticized the revised growth figure as offering a distorted picture. They noted that it factors in the surging value of aircraft registered in Ireland, a growing hub for global aviation leasing companies. Such business can be lucrative but generates few jobs.

Irish economic figures have been on a roller-coaster ride since the 2008 global financial crisis ended Ireland's Celtic Tiger boom. Ireland's GDP fell a record 32 percent in 2010 but has grown since 2013.